Group 1: Financial Performance - In 2024, the company achieved a revenue of 645.02 million yuan, representing a year-on-year growth of 18.65% [1] - The net profit attributable to shareholders for 2024 was 123.83 million yuan [1] - In Q1 2025, the company reported a revenue of 186.49 million yuan, with a year-on-year increase of 27.73% [1] - The net profit attributable to shareholders in Q1 2025 was 40.58 million yuan, reflecting a growth of 32.30% [1] Group 2: Strategic Focus and Market Position - The company is concentrating on biopharmaceuticals and cell immunotherapy, driving core business development and global strategy [1] - There is a continuous increase in demand for biological reagents such as recombinant proteins, driven by the recovery of the innovative drug market [2] - The company aims to enhance its leadership and competitive advantage in the industry through improved technology and product development [2] Group 3: Product Development in CGT and ADC - The company provides comprehensive solutions for cell and gene therapy (CGT), addressing challenges in R&D technology, product quality, and supply chain stability [3] - Over 50 high-quality GMP-grade products have been developed, including cytokines and antibodies for CGT applications [5] - In the ADC field, the company focuses on five core elements: suitable antigen targets, highly specific antibodies, effective toxin molecules, quality linkers, and precise Drug Antibody Ratio (DAR) [6][7]

Group 1 - The company achieved a revenue of 645 million yuan in 2024, representing an 18.65% year-on-year increase, while the net profit attributable to shareholders was 124 million yuan, down 19.38% [1] - In Q4 2024, the company reported a single-quarter revenue of 182 million yuan, up 38.50%, and a net profit of 40.34 million yuan, an increase of 58.63% [1] - For Q1 2025, the revenue was 186 million yuan, reflecting a 27.73% increase, with a net profit of 40.58 million yuan, up 32.31% [1] Group 2 - After excluding the impact of COVID-19, the company's revenue for 2024 was 620 million yuan, a 24% increase, with domestic revenue at 216 million yuan (+16.8%) and international revenue at 429 million yuan (+19.6%) [2] - The company maintained a gross margin above 90%, with a sales expense ratio of 32.1% (+1.3 percentage points) due to increased overseas market expansion and a research and development expense ratio of 25.63% (+2.7 percentage points) [2] - In Q1 2025, the company expects to see the benefits of scale, with a total expense ratio of 62.7% (-1.0 percentage points) and a sales expense ratio of 28.7% (-3.7 percentage points) [2] Group 3 - The company is enhancing its product diversity, with over 5,000 products available in 2024, and has successfully developed nearly 50 GMP-grade products [3] - The overseas business grew by 25% in 2024, accounting for 66% of total revenue, with the establishment of multiple overseas subsidiaries and four global warehousing centers [3] - The company plans to further develop overseas production bases to improve global supply chain resilience, anticipating significant growth potential in international markets [3] Group 4 - Revenue forecasts for 2025-2026 have been adjusted to 801 million yuan and 970 million yuan, respectively, while net profit estimates have been revised down to 161 million yuan and 216 million yuan [4] - The company is projected to achieve revenues and net profits of 1.159 billion yuan and 264 million yuan by 2027, with current stock prices reflecting P/E ratios of 36, 27, and 22 for 2025-2027 [4]

Investment Rating - The report maintains a "Strong Buy" rating for the company [5] Core Views - The company has shown a significant improvement in performance, with a clear recovery in domestic business and continued growth in international markets [9] - The revenue for 2024 is projected to be 645 million yuan, with a year-on-year growth of 19%, while the net profit is expected to be 124 million yuan, reflecting a decrease of 19% compared to the previous year [4][11] - The company is expected to achieve a net profit of 155 million yuan in 2025, with a corresponding PE ratio of 36.6x [9][12] Financial Performance - In Q4 2024, the company achieved a revenue of 182 million yuan, with a net profit of 40.34 million yuan, marking a year-on-year increase of 38.5% and 58.6% respectively [1][2] - The first quarter of 2025 saw a revenue of 186 million yuan, with a net profit of 40.58 million yuan, indicating a year-on-year growth of 27.73% and 32.3% respectively [1][2] - The company’s gross margin remains high at approximately 90.9% for 2024, with a net profit margin of 19.2% [12] Business Segments - Domestic revenue for 2024 is expected to reach 216 million yuan, a year-on-year increase of 16.76%, while international revenue is projected at 429 million yuan, reflecting a growth of 19.62% [9] - The company has expanded its product offerings, with the number of products generating over 1 million yuan in sales increasing from 70 in 2023 to 95 in 2024 [9] Future Outlook - The company is expected to see a gradual improvement in its non-GAAP profit margin, with projections indicating a net profit of 1.55 billion yuan in 2025, 1.87 billion yuan in 2026, and 2.28 billion yuan in 2027 [9][12] - The report emphasizes the company's commitment to innovation and product development, integrating advanced technologies such as AI and gene editing into its offerings [9]